By: Deborah Law, Executive Director at Expat Realtor
What does 2015 hold for the Singapore real estate market? While property prices have generally held firm, the numbers of transactions for both residential and commercial properties have fallen significantly, and government cooling measures will continue to dampen property prices in the residential markets in 2015. The curbs will continue to turn investors away for a while longer as Singapore drops from fifth to ninth place in their global rankings.
Will 2015 see changes in how we approach en-bloc purchases? In the past couple of decades, easy fortunes have been made with developers snapping up en-bloc properties at much higher prices than individual sellers could have achieved. Government cooling measures and restrictive lending policies, together with little change in plot ratios from one master plan to another, have made them an unattractive option for developers in 2014.
The commercial sector will offer more appeal for deals than will the residential sector in 2015, with more office supply coming onto the market and an expected increase in rentals.
For residential sales, unless there is some tweaking of the cooling measures or sellers lower their expectations, the market will continue sluggish in 2015; some analysts predict a price drop of up to 20 percent. The sentiment is that the government is not in a rush to start any tweaking yet.
Singapore ranks high as a place to live, work and play, conducive for businesses and other opportunities, thus keeping the fundamentals for investing in property strong. Interest rates remain low, so now is the time to land a bargain deal and hold onto it through the current property cycle to ensure a good buy.
Rentals will continue to be depressed for 2015 as supply beats demand, with lower numbers of foreigners coming into Singapore, lower rental budgets and a mass of new-builds coming on to the market. Landlords would be wise to renegotiate on renewal and hold on to their tenants.
For more on the best areas to live, see Expat Living’s neighbourhood round-up here, plus lots of specific area guides by expat residents here.
Check out Expat Realtor’s selection of hot properties below – with all the photos appearing in the gallery above. For more properties, head here, and for viewings, email email@example.com or call 6255 1027.
Equatorial: East Coast Equatorial
Size: 2,400 sq. ft
Ideal for expats looking for an older unit with masses of space, this huge, well-located condo in upmarket Meyer Road is spread over one level and has an open-plan kitchen and dining room. It’s perfect for a family.
It’s located opposite Katong Park playgrounds and a dog run area, and is a ten-minute walk from the jogging paths, cycling tracks, restaurants and beaches of East Coast Park. It’s also within an easy 15-minute commute to Suntec, and has many great schools nearby. The four large bedrooms, three bathrooms, helper’s room, plenty of storage and full condo facilities add to its appeal.
Dedap Place: Dreamy Detached
Size: 4,000 sq. ft built; 4,750 sq. ft land
Situated in the Begonia Road district of Yio Chu Kang, this well presented house provides plenty of space and a good-sized garden with room for a pool. The open-plan kitchen and dining area leads out to a back garden with a large patio. There is one bedroom (with bathroom) on the ground level; upstairs are two enormous bedrooms, and the third level is a huge attic room. The master bedroom boasts a large study or office area, a walk-in wardrobe and an attached bathroom.
The house is centrally located with easy access to the PIE and CTE expressways. French, Australian and American international schools are nearby, Changi Airport is 15 minutes away, and it’s 20 minutes to the CBD. Nearby Greenwich Village shopping centre offers a Cold Storage supermarket, shops and restaurants.
99 Ming Teck Pk: Charming Ming Teck
Size: 3,000 sq. ft
This is a renovated three-bedroom terraced property, with a pleasant, fully covered outdoor patio and large back yard. It offers a spacious living and dining area, an office, a storeroom and a kitchen on the first level. The second level has three bedrooms, two bathrooms, a family area and a helper’s room.